The increasing global population has intensified the demand for energy and food, leading to significant greenhouse gas (GHG) emissions from both sectors. To mitigate these impacts and achieve Sustainable Development Goals (SDGs), passive thermal storage methods, particularly using phase change materials (PCMs), have become crucial for enhancing energy efficiency and reducing GHG emissions across various industries. This paper discusses the state of the art of bio-based phase change materials (bio-PCMs), derived from animal fats and plant oils as sustainable alternatives to traditional paraffin-based PCMs, while addressing the challenges of developing bio-PCMs with suitable phase change properties for practical applications. A comprehensive process is proposed to convert bacon fats to bio-PCMs, which offer advantages such as non-toxicity, availability, cost-effectiveness, and stability, aligning with multiple SDGs. The synthesis process involves hydrolysis to break down fat molecules obtained from the extracted lipid, followed by three additional independent processes to further tune the phase change properties of PCMs. The esterification significantly decreases the phase transition temperatures while slightly improving latent heat; the UV-crosslinking moderately raises both the phase transition temperature and latent heat; the crystallization remarkably increases the both. The future research and guidelines are discussed to develop the large scale manufacturing with cost effectiveness, to optimize synthesis process by multiscale modeling, and to improve thermal conductivity and latent heat capacities at the same time.